Student loan forgiveness programs are available
(PRWEB) February 23, 2015
American Student Loan Center shares how legitimate federal student loan programs can help qualify borrowers who have student debt for reduced monthly payments and loan forgiveness. Student loan debt in the United States reaches over $1.2 trillion with an average debt of about $33,000 per graduate.
For borrowers who are struggling to pay down their ever growing student debt, these programs bring a new sight of hope. Programs such as the “Public service loan forgiveness program,” “Federal Loan Forgiveness program,” “Student loan consolidation program” and “Student loan rehab program” bring relief to borrowers all over the United States. They may even bring relief to those who have defaulted on their student loan payments and have their wages garnished.
As borrowers may be concerned with many scams out there, the legitimacy of these programs shouldn't be questioned as these federal programs are all backed by the Department of Education (DOE). Borrowers who work for a city, state, federal or non for profit organization may qualify for the public service loan forgiveness program. Borrowers who do not work for one of these organizations may still be eligible for reduced monthly payments and loan forgiveness under programs such as PAYe (Pay As You Earn) IBR (Income Based Repayment) ICR (Income Contingent Repayment).
The issue that most borrowers face upon graduation is that they owe several monthly payments on several student loans. Keeping track of each loan individually is difficult and may lead a borrower to default on their loans. Student loan consolidations programs allow you to combine your debt into one low monthly payment and checks your eligibility for the legit loan forgiveness programs mentioned above.
Lastly, borrowers who have defaulted on their student loans have an opportunity to stop future or current wage garnishment and get back on track through the student loan rehabilitation program. After completion of this program, borrowers are no longer in default status and have a monthly payment they can afford.
Enrollment for these programs is ongoing but it is best to apply as soon as you can to be locked into the program that is suited for you.